The first time Rupert Murdoch tried to acquire Warner, Ronald Reagan was completing his first term as president, the Bell System break-up was nearly finished, and the first Macintosh had just gone on sale.
The kings of capitalism keep rewarding the imps at Vice Media for their transgressions against societal and media norms with rising market valuations. Starting with a wee, free counter-culture magazine in Montreal in 1994, the ageless boys behind Vice soon barnstormed Canada with their title and by 1999 were international and ensconced in New York.
When you’re as wealthy as Rupert Murdoch ($9.4 billion) and you control a company as resource-rich as News Corp (market cap $58.1 billion), shuttering a 22-month-old business like The Daily doesn’t signify failure as much as it does surrender.
The Leveson inquiry completed its 17-month official investigation into the filth and the fury of the British press today, pulling into the Queen Elizabeth II Conference Center opposite Westminster Abbey. There, its leader, Lord Justice (Brian) Leveson, delivered the inquiry’s 1,987-page report on the London newspaper phone-hacking scandals, wild invasions of privacy by the press and covert surveillance by newspapers, and recommended new regulations of the press.
This piece originally appeared in Reuters Magazine.
Rupert Murdoch has endured more crises during his 80-plus years than Richard Nixon and Odysseus combined, so the CEO and chairman of News Corporation can be forgiven for seeming nonplussed by his current predicament. He took over the family newspaper business in Australia at 21, when his father died, and expanded it. He fought the British unions in 1986 and won. He repelled the bankers in 1990, when he was close to insolvency. He has survived two divorces, the purchase and sale of MySpace.com, a bunch of other digital disasters, and even the predations of John Malone, who threatens Murdoch family hegemony with his purchase of News Corp stock. And now, referencing his media empire’s latest fiasco, the British Parliament has deemed Murdoch “not a fit person” to run an international company.
The publication today of Parliament’s 121-page report (pdf) on phone hacking has the British press all but publishing obituaries for Rupert Murdoch. The report damns him for turning “a blind eye” to the scandal of phone hacking at his companies, News Corporation and News International.
Pummel Rupert Murdoch and his minions all you want for News Corp.’s phone-hacking of celebrities and crime victims, its computer-hacking, its blagging, its bribing of police, its payments of hush money, its obstruction of justice, and its operation of what former British Prime Minister Gordon Brown once called a “criminal-media nexus.”